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Lex has long argued that Amazon, despite being a stunningly successful and wildly interesting company, is overpriced. Our astute friend Chris Rossbach, CIO at the long-term value shop J. Stern and Co., thinks we’ve got it all wrong, and wrote us the brief manifesto below explaining his view. It’s well worth a read, and makes an interesting contrast to our own view (on which more later):
Keeping Calm and Clicking On
Lex live from the FT Banking summit. Bank returns have been hit by increased regulation, continued low interest rates and slow economic growth. Have lower returns on equity and competition from non-banking competitors rendered many banking business models obsolete? Can universal banks, in the long term, produce better ROEs than more specialist banks?
Join us at midday UK time for a live discussion.
There has been a range of reactions to our recent big read urging consolidation on the European telecoms carriers.
By far the most well-argued comes from New Street Research. They think Lex has completely lost the plot.
They were kind enough to send us the detailed dissent below:
The prime minister has called a snap election for next month to help delay a tax increase. The central bank governor thinks inflation may fall below 1 per cent "for the time being". The stock market is up a fifth in a month.
Japan is a curious place for an investor at the moment. And yet Japanese equities seem to be one of the great trades of 2015 - if Abenomics works. Lex weighs the merits, in this live session...